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. the central bank in the philippines had a huge negative equity. the central bank can go on without necessarily having a positive equity. they have all sorts of tools they can theoretically use other than having to unwind their balance sheet. they can increase reserve ratio, the interest rates they pay on excess reserves, and so on. they have a lot of control. that makes me less worried about the fed's balance sheet. not that i approve of what they are doing recently. i think they can get out of it fairly easily. >> i would add the presence of this massive fed undertaking, in almost a desperate way, gets at the underlying problem. this is not a monetary policy issue. it is a fiscal policy issue. we have a lack of leadership. the threat of the tax policy expiring all tax policy, much of which has been in place to over a decade, has been a congressionally made thing. congress refuses to work on it until now. reich lot -- likewise, they have refused to tackle the spending part, both of which get us to our debt. you have this honor lack of anything happening -- utter lack of anything happening res
it -- and partners such as singapore and the philippines and expanding our dialogue and -- in exchanges with china. we are also an handed our presence and capabilities in the region. that includes -- expanding our presence and capabilities in the region. that includes allocating our naval fleet to have a 60/40 s plit between the pacific and atlantic oceans, increasing army and marine presence in the region. locating our most advanced aircraft in the pacific, including new deployments of f- 22's and the mv22's to japan. and lay the groundwork for the first overseas deployment of the f-35 joint strike fighter. the third element of our strategy is that as we do force projection in the asia-pacific and middle east, we still have to maintain our global leadership and presence by building innovative partnerships and partner capacity across the globe and using these innovative rotational deployment as a way to do exercises and training with other countries, developing their capabilities so they can provide for their own security. in latin america, africa, europe, and elsewhere. the past decade of war has
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